If the Consumers Cannot Switch to a Close Substitute When

question 21

Multiple Choice

If the consumers cannot switch to a close substitute when the price of a good increases,the demand for that good is likely to be:

• A)elastic.
• B)inelastic.
• C)unitary elastic.
• D)perfectly elastic.

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Definitions:

Design Language

A system of guidelines used to create a cohesive visual and functional style across a brand or product.

Fame and Uniqueness

Attributes of a brand or product characterized by widespread recognition and a distinctive quality that sets it apart from competitors.

Brand Assets

Valuable components or properties uniquely attributed to a brand that contribute to its equity and differentiation, including logos, trademarks, and customer goodwill.